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New Burial Exclusion & Designation Form ( current as of 2/1/2010). To navigate : Open the Power Point in “Slide Show” view. GPS— A Guided Practice Series presented by the OFI Education & Training Section. use the left arrow to move backward. use the right arrow to move forward.

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new burial exclusion designation form current as of 2 1 2010

New Burial Exclusion & Designation Form(current as of 2/1/2010)

To navigate:

Open the Power Point in “Slide Show” view

GPS—

A Guided Practice Series presented by the

OFI Education & Training Section

use the left arrow to move backward

use the right arrow to move forward

purpose of this training demonstrate the new burial exclusion designation form
Purpose of this training:Demonstrate the new Burial Exclusion & Designation Form

The new “Burial Asset Exclusion & Designation” form replaces the old Burial Exclusion worksheet and the Form 985, Designation Form.

slide3

The form tells what figure to enter on a NON paid in full contract.

Calculate the value of any burial contract.

Carry (c) from section 1 and the totals from section 2 & 3 to the back of the form.

slide4

List all burial assets here

Decide what to exclude & list that here.

List here anything you could NOT exclude

Have client or AREP sign if assets include a burial fund or burial contract

slide5

Ms. Haynes owns a burial contract with Carmichael Funeral home.

  • She is making payments on the contract, so far she has paid $6800.
  • The funeral home verifies that she has fully paid for her casket (valued at $2000) and her vault (valued at $550).
  • No other burial space items are paid in full.
slide9

Ms. Haynes owns a whole life insurance policy with a face value of $5000 and a cash surrender value of $231.

slide12

Section 4: List all assets

Section 5: Decide what to exclude

We exclude the burial contract and the burial fund. Can’t exclude the life insurance because a whole life policy can’t be partially excluded.

Section 6: List anything that could not be excluded.

Ms. Haynes would need to sign this form since her assets include a burial contract and a burial fund.

slide13

INTERVIEW RESOURCES 1 - RES1 RES1 01

Month 11 06 8591 10 05 06 01

Client Name BEATRICE CLINE Client ID 000000599

Do you have any of the following: cash, money loaned out, checking, savings,

credit union, CD\'s, stocks, bonds, or secured notes?

Del Type Amount V Acct Num Institution Name

CH 150.00 CS 1452145-985 BANK OF AMERICA

Do you have any of the following: life insurance, pre-paid burial contracts,

real estate, or cemetery lots?

Del Type Face Amt Cash Amt V Policy Num Company Name

BC 6250.00 ? OT EXCLUDED BURIAL ASSETS

More

Message 0779 01

0779 SHOULD THIS AMOUNT BE ZERO?

15-lett 23-alau 24-del

Excluded assets on RES1

slide14

UPDATE REMARKS - REMA REMA

01

(In addition to other resource documentation)

Burial Assets--Ms. Haynes owns:

a burial contract at Carmichael Funeral Home valued at $6800 which includes $2550 in paid for burial space items– value is $4250

a burial fund (CD at Bank of America #319-4) valued at $2000

Life insurance policy #147584 with General Life—FV $5000, CSV $231

Burial contract and burial fund excluded (total exclusion $6250), cash surrender value of insurance counted ($231)

See signed Burial Exclusion & Designation Form 985 in CR

Message More

13-bott

Documentation behind RES1

slide15

INTERVIEW RESOURCES 3 - RES3 RES3 01

Month 11 XX 8591 10 05 XX 01

Client Name BEATRICE HAYNES Client ID 000000599

Do you have any of the following: safety deposit box, business holdings, non-

home consumption produce, livestock, or other valuables?

----------------- Other Property ------------------

Del Type FMV V Encumb V Annl Rate V

Return

OC 231.00 OT

More

Message

15-lett 24-del

Included assets on RES3 (If there’s a FS case these can be entered as “MO”)

slide16

UPDATE REMARKS - REMA REMA

01

(In addition to any other resource documentation)

Burial Assets--Ms. Haynes owns:

a burial contract at Carmichael Funeral Home valued at $6800 which includes $2550 in paid for burial space items– value is $4250

a burial fund (CD at Bank of America #319-4) valued at $2000

Life insurance policy #147584 with General Life—FV $5000, CSV $231

Burial contract and burial fund excluded (total exclusion $6250), cash surrender value of insurance counted ($231)

See signed Burial Exclusion & Designation Form 985 in CR

Message More

13-bott

Documentation behind RES3 (just a copy & paste from RES1)

slide17

There are many additional examples in the “Train Track” for Burial Assets.

You can find this and many other helpful guides on our website at “gadfcs.org/ofi”

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